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Author Topic: Do not FOMO on newly listed altcoins on Binance  (Read 734 times)
InwardContour
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February 21, 2020, 05:55:02 PM
Merited by Pffrt (1)
 #1

Recently there have been a craze and buy rush for any coin new listed on Binance but usually turns to a nightmare for those who FOMO too early. $MBL which was listed today because they won vote for community coin dumped from 59 sats to 30 sats within some minutes. This was the case with LTO too. My little advise to traders, (especially newbie traders) is to analyze properly before diving into buying a newly listed coin on Binance especially and other exchanges with such hype. Even if you must do, use tight SL and moreover there is no point chasing a moving train.
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February 21, 2020, 06:27:15 PM
 #2

Maybe this is one of the reasons prices dropped "All users that voted for MBL will receive an airdrop of 1,117.44329 MBL to their Binance accounts for each vote they cast. For example, if you had cast 10 votes for MBL, you will receive 11,174.4329 MBL in rewards." https://www.binance.com/en/support/articles/360039659832
 They take advantage of the right opportunities will profit, and true what you say, for those who feel fomo will surely suffer losses.
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February 21, 2020, 06:37:07 PM
 #3

I had a little experience about this too in livecoin were I bought Level for trade, after I bought the said token, the token fell  down with almost 40sat, it was a hard dump and till date am still holding the token because its value hasn't appreciate till now. Nothing pains a trader than seeing a potential token and after buy order the token dumped. There are many lessons traders need to learn concerning new tokens in exchanges.

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February 21, 2020, 06:39:00 PM
 #4

This should not tbe attributed to Binance alone, newly listed coins have their moon time frame and dump there after. Mbl has been mooning for two days now, its normal if the price dips the token cannot moon forever there's room for correction.
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February 21, 2020, 06:39:37 PM
 #5

 On contrary there has always been a FUD on the newly listed things in all of cryptos history. All because people get it "cheap" somewhere else and they try to sell it on the day one because they believe the price will go down with that much volume. What do you do when you know the price will crash? You sell, if many people like you think the same, what happens? It actually crashes. It is a total post hoc ergo propter hoc type of situation.

 However there is nothing wrong with buying it after a few days, if you see it going down and you see that it is not doing well, you will soon realize that it is also not going to go down forever, so you wait and when it hits a bottom and doesn't move any further down, you will start to slowly accumulate, do not buy it all at once because it could potentially drop once again, so you buy just tiny bit and tiny bit with your capital and eventually after 2 weeks or maybe even a month of every day buying a bit, you will have a decent size of it and you will see if price is going down or stayin same.

 This is a method used by many many stock brokers when IPO happens, they wait for it to either drop or reach peak and after that they start to do their bidding slowly, if it is too much up they start to short it slowly after a while, if it is down they start to buy it or long it slowly, this has been a thing for about 20 years (maybe even earlier but I can testify for just 2 decades) and it has proven to be a decent tactic, not a %100 guarantee one but more often than not provides to be quite successful.
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February 21, 2020, 06:46:28 PM
 #6

I had a little experience about this too in livecoin were I bought Level for trade, after I bought the said token, the token fell  down with almost 40sat, it was a hard dump and till date am still holding the token because its value hasn't appreciate till now. Nothing pains a trader than seeing a potential token and after buy order the token dumped. There are many lessons traders need to learn concerning new tokens in exchanges.

I would advise against trading at all on Livecoin. They are an insecure exchange and are likely under FBI investigation in relation to a token they have been in bed with for the last two years. They also list shitty Russian ICOs non-stop. If you dig into their background it seems to be run by some sketchy Russian who bought a pre-made shell company to run the exchange out of London.

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February 21, 2020, 07:02:54 PM
 #7

Why not? If you buy it quickly after the announcment of confirmed listing then it is a good tactic because you are at the beggining of the massive growth. But after listing price immediately goes back to the price before listing.

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February 21, 2020, 07:11:11 PM
 #8

I had a little experience about this too in livecoin were I bought Level for trade, after I bought the said token, the token fell  down with almost 40sat, it was a hard dump and till date am still holding the token because its value hasn't appreciate till now. Nothing pains a trader than seeing a potential token and after buy order the token dumped. There are many lessons traders need to learn concerning new tokens in exchanges.

I would advise against trading at all on Livecoin. They are an insecure exchange and are likely under FBI investigation in relation to a token they have been in bed with for the last two years. They also list shitty Russian ICOs non-stop. If you dig into their background it seems to be run by some sketchy Russian who bought a pre-made shell company to run the exchange out of London.

Thanks for the advise, though I have researched into the exchange and truly found some fishing activities but just choose to trade some few token on their exchange. There are Many tokens on the exchange that are currently undergoing pump and dump tokens. With this advice, I will be more caution about depositing huge funds into the exchange, thanks.

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February 21, 2020, 08:37:05 PM
 #9

You can take the advantage of this scenario but you need to be quick and never lose your sight with your trades. But if you think that you can't do that, avoid it those newly listed coins even in Binance.

This FOMO is everywhere.

Even with news and other stuffs, people tend to FOMO because of bad and good news.

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February 21, 2020, 08:38:43 PM
 #10

Maybe this is one of the reasons prices dropped "All users that voted for MBL will receive an airdrop of 1,117.44329 MBL to their Binance accounts for each vote they cast. For example, if you had cast 10 votes for MBL, you will receive 11,174.4329 MBL in rewards." https://www.binance.com/en/support/articles/360039659832
 They take advantage of the right opportunities will profit, and true what you say, for those who feel fomo will surely suffer losses.

The airdrop is partly the reason but not the major reason. I think holders take the listing news as an opportunity to dump. Worst part is that team members may use that avenue to quickly dump tokens at top price.
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February 21, 2020, 08:45:59 PM
 #11

This should not tbe attributed to Binance alone, newly listed coins have their moon time frame and dump there after. Mbl has been mooning for two days now, its normal if the price dips the token cannot moon forever there's room for correction.

If you actually took time to read through my brief write up, you should notice I mentioned "and other exchanges". Binance was used at the topic as a case study because that's where I principally trade, hence noticed the fast PnD for newly listed coins.
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February 21, 2020, 08:50:59 PM
 #12

I think it depends on the scenario
I am certain there are mbl hodlers from far off monitoring the price and development and there are pump rushers.

On one scenario, there have been over 4/5 chances to get in on mbl today alone. So it depends on the research capabilities of traders.

The best way is this, if you have no information or research record about newly listed tokens, avoid it
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February 21, 2020, 09:14:35 PM
 #13

FOMO in all ways isn't a good thing, it's a two way thing, that is, can result to profit or result to loss and in most cases it always results to loss. Also, talking about FOMO it isn't only on Binance exchange but also to other exchanges, one needs to be careful of the coin he wish to buy and if possible remove fomo and go for what is right or for altcoins with great value because holding a worthless coin is more painful owing to the fact everyday it keeps reducing in value until you are forced to sell at loss. Lastly, just like you said, it doesn't make sense going after a moving train, if the temptation is much, take a break and be glad you did.

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February 21, 2020, 09:44:30 PM
 #14

Maybe this is one of the reasons prices dropped "All users that voted for MBL will receive an airdrop of 1,117.44329 MBL to their Binance accounts for each vote they cast. For example, if you had cast 10 votes for MBL, you will receive 11,174.4329 MBL in rewards." https://www.binance.com/en/support/articles/360039659832
 They take advantage of the right opportunities will profit, and true what you say, for those who feel fomo will surely suffer losses.

i agree with your opinion, just to add that for a voting you need to have average amount of BNB on your Binance account above certain limit, for one vote, and limit is higher for more than one vote, so this amount of MBL is not that high compared to amount that you need to have on your account to vote...

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February 21, 2020, 09:47:44 PM
 #15

Recently there have been a craze and buy rush for any coin new listed on Binance but usually turns to a nightmare for those who FOMO too early. $MBL which was listed today because they won vote for community coin dumped from 59 sats to 30 sats within some minutes. This was the case with LTO too. My little advise to traders, (especially newbie traders) is to analyze properly before diving into buying a newly listed coin on Binance especially and other exchanges with such hype. Even if you must do, use tight SL and moreover there is no point chasing a moving train.

Good.

The more people that get rekt by FOMOing in on these coins, the faster the pump and dumps that happen right off the bat will stop.

Sometimes people need to learn the hard way that you can't simply make money for nothing anymore in this industry. Well, at least not as easily as you once could.

Then again, the entire market is driven by this type of bullshit activity, so I doubt it would stop even then. Play stupid games, get stupid prizes as they say.

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February 21, 2020, 10:04:46 PM
 #16

Recently there have been a craze and buy rush for any coin new listed on Binance but usually turns to a nightmare for those who FOMO too early. $MBL which was listed today because they won vote for community coin dumped from 59 sats to 30 sats within some minutes. This was the case with LTO too. My little advise to traders, (especially newbie traders) is to analyze properly before diving into buying a newly listed coin on Binance especially and other exchanges with such hype. Even if you must do, use tight SL and moreover there is no point chasing a moving train.

I haven't seen such fomo in my twitter feed, but the charts on the most coins on there are telling pretty sad story to anyone that went during the start fomo. That might be because of the current trend. There probably will be times again when anything that gets listed in there will be instant success story. Just not right now.

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February 21, 2020, 10:16:37 PM
 #17

Almost every exchange will happen the same thing and I have also experienced it. However, to always control yourself from anything and especially greed, because when you can no longer control yourself when there is a crowd in any purchase and anywhere then in the end it will only make you a fomo and will end up regretting because after that the coins no longer worth having, my experience in the past even the coin no longer had a demand there for only a short time.


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asriloni
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February 21, 2020, 10:31:36 PM
 #18

The only point to chasing the train before it will be going to the moon. I have already analyzed the chart and that's a usual thing that people will sell their coin on the news. I suggest you to take a look at the chart before it was getting listed on binance and those traders have already started to buy in the rumour. This time they are massively selling for the news but I guess this is a short dump caused by the small bump will be happening asap. I know what will be the cycle for the pump in binance and that's easy to be determined.

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February 21, 2020, 10:56:10 PM
 #19

Recently there have been a craze and buy rush for any coin new listed on Binance but usually turns to a nightmare for those who FOMO too early. $MBL which was listed today because they won vote for community coin dumped from 59 sats to 30 sats within some minutes. This was the case with LTO too. My little advise to traders, (especially newbie traders) is to analyze properly before diving into buying a newly listed coin on Binance especially and other exchanges with such hype. Even if you must do, use tight SL and moreover there is no point chasing a moving train.
Never heard of $MBL coin. Probably another useless coin maybe (not here to judge, just saying). I have never voted for any coin. How does this voting system actually work? If voting does not have some sort of fee, wouldn't it be possible by the developers to send shill accounts or pay users to vote for them?
If it is really true that $MBL has rewarded users that have voted for them, then yeah, the dump was inevitable. Users that have voted from them probably dumps their reward to get some quick BTC.

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khiholangkang
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February 22, 2020, 02:57:02 AM
 #20

Recently there have been a craze and buy rush for any coin new listed on Binance but usually turns to a nightmare for those who FOMO too early. $MBL which was listed today because they won vote for community coin dumped from 59 sats to 30 sats within some minutes. This was the case with LTO too. My little advise to traders, (especially newbie traders) is to analyze properly before diving into buying a newly listed coin on Binance especially and other exchanges with such hype. Even if you must do, use tight SL and moreover there is no point chasing a moving train.
New coins listed in binance from vote results always experience a dump, because the coins are pumped before they win the vote
But if a coin listed in binance suddenly goes up in price, I think this is a very good thing to make a profit

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